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Tue 23 Jun 2015 03:52 PM

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Etihad says not in talks to raise stake in India's Jet

Abu Dhabi airline denies media report that it is in discussion with Indian gov't to raise 24% stake

Etihad says not in talks to raise stake in India's Jet
Indias Jet airways chairman Naresh Goyal with James Hogan, chief executive officer of Etihad Airways. (AFP/Getty Images)

Abu Dhabi-based Etihad Airways denied a media report on Tuesday that it is in discussions with the Indian government to raise its 24 percent stake in India's Jet Airways.

Citing unnamed government sources, Bloomberg TV India said in a report earlier on Tuesday that Etihad had approached India's Ministry of Civil Aviation for permission to buy more of Jet, the country's second-biggest carrier by market share.

"We are not in discussions with the government about raising our stake in Jet Airways," an Etihad official said in an emailed statement.

Etihad bought a stake in Jet, which has not made an annual profit since 2007, two years ago, giving it a foothold in India's fast-growing aviation industry.

Shares in Jet closed up 2.44 percent on Tuesday against a 0.27 percent rise in the benchmark. A spokesman for Jet did not immediately respond to a request for comment.

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